Did you know that there is a special program for affordable home loans with zero down payment for members of our nation’s military? If you are a veteran, an active-duty service member, or an eligible surviving spouse, you may be able to take advantage of the VA loan program.
A VA loan is one which the US Department of Veterans Affairs insures as part of VA benefits. Because the loan is insured, it is less risky to approve.
This translates to easier qualification, lower rates, and many other exciting features.
If there is any possibility that you might qualify for a VA loan, it is well worth finding out whether you do. Here are some reasons:
You could move into a home in Los Angeles with zero down payment.
You could pay a lower interest rate for a VA loan than you would if you took out a conventional loan.
You may pay only 1 to 3% in closing costs, or zero closing costs.
With other types of loans, a low down payment often carries a price in the form of a private mortgage insurance (PMI) requirement. You will not need to purchase PMI if you have a VA loan.
There is no funding fee for qualifying disabled veterans.
There are zero prepayment penalties for VA loans.
Credit qualification requirements for VA loans are relaxed in comparison to conventional loan requirements.
If you have any future difficulties with your loan, the VA may be able to provide you with some direction.
Your enhanced bargaining power allows you to negotiate loan terms which suit you.
A VA loan may be used for purchase, construction, upgrades, repairs, or even refinancing.
You may qualify for VA financing if:
You are a veteran, an active duty service member, or an eligible surviving spouse.
You have served in any of our nation’s military branches. If you were activated in the National Guard or Reserve, there is also a chance you qualify.
You have performed the minimum service required within your area of duty. As a rule of thumb, this is usually about 90 days during wartime or 181 days during peacetime. There are exceptions.
VA loan benefits last a lifetime and can be used unlimited times.
Even if you took out a VA loan in the past, you can still take one out on your next home in Los Angeles.
What if you had a foreclosure or you declared bankruptcy?
These factors are considered when you apply, but they may not disqualify you. It all depends on the specifics, such as how much time has passed.
Trying to figure out on your own if you are eligible for a VA loan can be a challenge.
There is also some documentation you will need to gather in order to apply successfully.But you do not need to be on your own. When you schedule a consultation with me, I make the process easy for you. I can tell you based on your service record if you are eligible.
I can also help you to gather the required documents so that you can apply with confidence.
Ready to begin? Please give me a call now at (818) 601-2231 to schedule your consultation for a VA loan. I can’t wait to help you move into a beautiful LA home with zero down, no PMI, and affordable interest rates!
Shannon Christenot is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.